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IoT Node and Gateway: Driving Connectivity, Global Market Analysis 2024
Internet of Things (IoT) Node and Gateway Market Research
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According to The Business Research Company's, The internet of things (iot) node and gateway market size has grown exponentially in recent years. It will grow from $12.97 billion in 2023 to $16.83 billion in 2024 at a compound annual growth rate (CAGR) of 29.7%. The growth in the historic period can be attributed to proliferation of iot applications across industries, advancements in sensor technologies, growing connectivity and network infrastructure, increasing adoption of smart devices, rise in data analytics and cloud computing.
The internet of things (iot) node and gateway market size is expected to see exponential growth in the next few years. It will grow to $47.88 billion in 2028 at a compound annual growth rate (CAGR) of 29.9%. The growth in the forecast period can be attributed to expansion of 5g networks for iot connectivity, integration of edge computing in iot architectures, growth in industrial iot (iiot) deployments, development of low-power wide-area networks (lpwan), rising demand for secure iot connectivity solutions. Major trends in the forecast period include edge intelligence and processing in iot nodes, adoption of artificial intelligence (ai) in iot devices, focus on energy-efficient iot nodes and gateways, convergence of iot with blockchain technology, implementation of standardized iot protocols for interoperability.
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Market Drivers and Trends:
The emergence of 5G technology is expected to propel the growth of the IoT node and gateway market in the forecast period. 5G enables more stable and faster secure connectivity. 5G's enhanced bandwidth enables more data to be transferred in a given amount of time, and its decreased latency lets data reach its destination faster. These networks provide increased coverage, which supports multiple network topologies, allowing IoT nodes and gateways to communicate easily. For instance, according to a report by Ericsson, a Swedish telecoms corporation, the number of global 5G smartphone subscriptions climbed to 600 million in 2021, up three times from the number in 2020, and 5G subscribers are predicted to cross one billion by 2022. Therefore, the emergence of 5G technology propels the IoT node and gateway market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Dell Inc., Advantech Co. Ltd., TE Connectivity Ltd., Cisco Systems Inc., Aaeon Technology Inc., Microchip Technology Inc., Nexcom International Co. Ltd., Helium System Inc., Samsara Networks Inc., STMicroelectronics N. V., Eurotech S. P. A, Adlink Technology Inc., Mitsubishi Electric Corporation, Lantronix Inc., NXP Semiconductors N. V, The Hewlett Packard Enterprise Company, Arm Holdings plc, Intel Corporation, Huawei Technologies Co. Ltd., Texas Instruments Incorporated, Notion Labs Inc., Beep Inc., Estimote Inc., Kontron S&T AG, Moxa Inc., MultiTech Systems Inc., NimbeLink LLC, Particle Industries Inc., Red Lion Controls Inc., Rigado LLC, Sierra Wireless Inc.
Internet of Things (IoT) Node and Gateway Market 2024 Key Insights:
• The internet of things (iot) node and gateway market size is expected to see exponential growth in the next few years. It will grow to $47.88 billion in 2028 at a compound annual growth rate (CAGR) of 29.9%.
• 5G Technology Driving Growth In The Internet Of Things (IOT) Node And Gateway Market
• Technological Advancements In The IOT Node And Gateway Market
• North America was the largest region in the internet of things (IoT) node and gateway market in 2023
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